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The hefty one-time payments, known as broker fees, are ubiquitous in New York but nearly unheard of anywhere else. In most other cities, landlords cover the commission of agents working on their ...
(The Center Square) — New York City landlords will be required to pay costly broker fees for tenants under a plan approved by the City Council that real estate groups argue will drive up rents ...
Mandatory broker fees, an unusual feature of New York City apartment hunting long reviled by renters, will be banned under legislation that passed Wednesday after overcoming fierce backlash from ...
Under a system that exists in New York and almost nowhere else in the country, tenants are often forced to pay the commission of a real estate agent before moving into an apartment, even if that agent was hired by the landlord. The fees are steep, typically totaling as much as 15% of the annual rent, about $7,000 for the average-priced New York ...
A landmark agreement would eliminate real estate brokers' automatic commissions of up to 6%, potentially saving home buyers and sellers thousands of dollars.
A listing contract (or listing agreement) is a contract between a real estate broker and an owner of real property granting the broker the authority to act as the owner's agent in the sale of the property. [1] If the broker is a member of the National Association of Realtors, the agreement must include all of the following terms:
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The US Department of Justice threw even more doubt into a new way of paying for real estate brokers this week, raising concerns about a recent wide-ranging legal settlement. The DOJ’s objections ...